ADB support for Viksit Bharat 2047

New Delhi: Asian Development Bank (ADB) President Masato Kanda has committed up to USD 10 billion for India's urban transformation, including metro extensions, new regional rapid transit system (RRTS) corridors, and urban infrastructure and services.

This is a five-year initiative, ADB said in a statement on Sunday. While sharing the pictures of his meeting with the ADB President, Prime Minister Narendra Modi said that he and the ADB president shared a perspective on a wide range of issues, including India’s rapid transformation over the past decade, which saw the empowerment and upliftment of countless people. "India's rapid transformation over the last decade has empowered countless people and we are working to add further momentum in this journey!" Modi wrote.

Masato Kando, who arrived in India last week, marking his official state visit after becoming the ADB President, said, "By scaling up public and private sector finance, deepening knowledge collaboration, and mobilising capital, we stand ready to support India’s drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people.” 

ADB has reportedly collaborated with over 110 cities across 22 states on projects related to water supply, sanitation, housing, and solid waste management, with an active urban portfolio comprising 27 loans amounting to $5.15 billion.

Earlier, the ADB president also met Union Finance Minister Nirmala Sitharaman, where the two discussed plans to bring rural prosperity, scaling rooftop solar capacities and operationalising the UCF. He also met Urban Development Minister Manohar Lal Khattar to outline the next steps for channelling private capital into urban projects.